Debtor’s Maserati auctioned by court

Writer: Zhang Yang | Editor: Lily A | From: | Updated: 2018-04-17

A SHENZHEN man’s Maserati was auctioned for more than 800,000 yuan (US$127,200) by a Futian court after the man failed to repay a loan to Ping An Bank, the Southern Metropolis Daily reported yesterday.

The man, surnamed Chen, obtained a loan from Ping An Bank to buy the car. The bank filed a lawsuit against Chen at Futian District People’s Court after Chen failed to repay the loan on time.

During the hearing, the court ordered Chen to pay 550,000 yuan to the bank within 10 days of the court arriving at the verdict.

After Chen failed to repay the money on time, the court confiscated his car and recently auctioned it online. Over 38,300 people watched the auction online, and the winning bid was 807,841 yuan after 36 rounds of bidding.

According to the report, some car owners choose to mortgage their cars to get loans from banks, but these cars can’t be sold if the car owners have financial problems and are not able to repay their loans.

The Futian court has auctioned 78 apartments and six cars since the beginning of the year, with a transaction amount totaling 1.3 billion yuan. A total of 509 people joined the auctions and over 2 million people watched them online.